| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 33rd | Fair |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 909 NW 5th St, Miami, FL, 33128, US |
| Region / Metro | Miami |
| Year of Construction | 1979 |
| Units | 23 |
| Transaction Date | 2006-05-19 |
| Transaction Price | $2,650,000 |
| Buyer | RIVER VIEW AT MIAMI LLC |
| Seller | SARRIA FEDERICO |
909 NW 5th St Miami Urban-Core Multifamily Investment
Renter demand is deep in this Urban Core pocket, with a high share of renter-occupied units in the surrounding neighborhood and ownership costs that tend to keep households in the rental market, according to CRE market data from WDSuite. Occupancy sits around the national midpoint locally, suggesting stable leasing with selective upside through asset improvements and professional management.
Located in Miami’s Urban Core, the property benefits from a neighborhood rated B+ and competitive among 449 metro neighborhoods. The immediate area skews heavily renter-occupied, signaling a broad tenant base and support for leasing continuity. Elevated home values relative to incomes indicate a high-cost ownership market that can sustain multifamily demand and pricing power for well-positioned assets.
Everyday convenience is a strength: restaurants, groceries, and pharmacies rank in the top quartile nationally by density, reinforcing livability and reducing frictions for residents. Cafe and childcare availability are also competitive among metro peers, supporting both lifestyle and family-oriented renters. These amenity fundamentals underpin retention and help differentiate upgraded product.
Within a 3-mile radius, population has been growing, with households expanding faster than population and average household size trending smaller. Looking ahead, forecasts point to further population growth and a sizable increase in households over the next five years, which implies a larger tenant base and continued demand for rental units. Median contract rents in the 3-mile area have risen over the last five years, while neighborhood occupancy has improved versus five years ago—signals that professionally managed assets can capture steady demand.
Affordability bears monitoring: rent-to-income metrics indicate some pressure for renters in the neighborhood, which places a premium on effective lease management and amenity-value alignment. Still, the combination of renter concentration, strong amenity access, and proximity to employment centers supports ongoing absorption potential for well-executed multifamily operations.
Safety indicators for the neighborhood track below metro and national averages, so investors should underwrite with conservative assumptions and emphasize on-site management and environmental design. That said, both property and violent offense estimates have moved lower year over year in the data, suggesting incremental improvement. As always, compare micro-location trends to broader submarket patterns and align security measures with resident expectations.
Proximity to diversified employers supports renter demand and commute convenience, with nearby roles spanning energy services, homebuilding, healthcare, and logistics. The following employers anchor the broader employment base referenced here.
- Mosaic — corporate offices (5.9 miles)
- World Fuel Services — energy services (9.3 miles) — HQ
- Lennar — homebuilding (10.0 miles) — HQ
- Johnson & Johnson — healthcare products (10.2 miles)
- Ryder System — logistics & transportation (12.6 miles) — HQ
This late-1970s, 23-unit asset sits in an amenity-rich Urban Core neighborhood where a high share of housing is renter-occupied, pointing to durable multifamily demand. Neighborhood occupancy trends have improved over the past five years and sit near the national midpoint, while elevated ownership costs in the area tend to keep households in rental, supporting lease-up and retention for well-managed properties. Based on CRE market data from WDSuite, amenity density (restaurants, groceries, pharmacies) ranks among the strongest nationally, reinforcing tenant appeal.
The 1979 vintage suggests practical capital planning and value-add potential through unit modernization and systems upgrades to improve competitive positioning against newer stock. Within a 3-mile radius, population growth and a faster-rising household count—alongside smaller household sizes—indicate a larger renter pool ahead, which can support occupancy stability and selective rent growth for renovated units. Risks include below-average safety metrics and rent-to-income pressure that call for disciplined underwriting and resident-focused asset management.
- Urban Core location with strong amenity access and commute convenience
- High neighborhood renter concentration supports depth of tenant demand
- 1979 vintage offers clear value-add pathway via renovations and system upgrades
- Household and population growth within 3 miles support occupancy stability
- Risks: below-average safety and rent-to-income pressure require disciplined lease and expense management